PaymentCloud is a merchant account provider that serves mid-to-high-risk businesses. It also serves lower-risk and brick-and-mortar establishments with a wider customer base in the US. PaymentCloud also has clients in Canada and the United Kingdom. It has an easy application, transparent approval process, and numerous integration options.
A merchant account is a type of business bank account that allows a business to accept and process electronic payment card transactions. High-risk merchant accounts are payment processing accounts for businesses classified as high risk to banks. These accounts hold electronic card payments from high-risk business transactions temporarily before the payment is deposited to a business bank account.
PaymentCloud Inc. was established in 2015 and has its headquarters in Sherman Oaks, California. It recently opened a regional office in Miami, Florida. PaymentCloud is not a direct processor. It partners with numerous banks and processors to maximize their customers’ chances for initial approval. It is a registered ISO/MSP of Chesapeake Bank, Esquire Bank, Merrick bank, BMO Harris Bank, etc. Processors that are in partnership with PaymentCloud include Elavon, PaySafe, Global Payments, Electronic Merchant Services (EMS), EVO Payments, among others.
PaymentCloud Merchant Services
PaymentCloud offers services to restricted or previously terminated merchants and high-risk businesses including electronic cigarette vendors, adult websites, debt consolidators, credit repair businesses, nutritional supplements, etc. The company also offers processing services for retailers, healthcare and veterinarian services, restaurants, non-profits, etc.
PaymentCloud offers a wide range of products and services to its customers. They include the following:
- Payment Gateway. PaymentCloud offers several gateway options for online processing. However, it prefers Authorize.Net payment gateway or USAePay. Alternatively, you can choose a payment gateway of your choice. Gateway setup with PaymentCloud is free but you will be required to pay a monthly subscription fee by the gateway provider.
- eCheck and ACH Processing. Sometimes, credit card processing is not possible for extremely high-risk merchants and they may start with eCheck acceptance. PaymentCloud helps by setting up processing for ACH and eCheck, though less frequently.
- Shopping Cart Integration. PaymentCloud integrates with a wide variety of online shopping carts to offer services to eCommerce merchants. PaymentCloud supports Shopify, Wix, BigCommerce, OpenCart, and 3DCart.
- Virtual Terminal. The virtual terminal feature is used for mail and telephone order. You can use the system to enter ACH transactions, schedule recurring payments, pull transaction data, run reports, send receipts, and process batch files.
Card Present Services
- Mobile Payments. The back-end processor of your choice will offer several mobile hardware options through PaymentCloud. The options include Bluetooth and audio-jack readers compatible with Android and iOS that incorporate EMV and contactless payments.
Credit Card Terminals. When you sign up for a merchant account with PaymentCloud, you receive a free terminal. However, if you decide to close your account, you must ship the terminal back to PaymentCloud or you’ll be charged the full cost of the machine. PaymentCloud advertises models that are EMV-compliant and support Near Field Communication (NFC) methods such as Google Pay and Apple Pay. They include Verifone VX 520, Ingenico iCT 220, Ingenico iCT 250, and Ingenico iPP 310 models. There are also wireless models including the Ingenico iWL 200, Verifone VX 680, and Ingenico iWL 255.
Other PaymentCloud Services
- Chargeback and Fraud Prevention. PaymentCloud will give advice when choosing a chargeback management service and setting up fraud mitigation services such as 3D Secure.
- Personalized Deployment. PaymentCloud will set up test transactions and provide detailed guidance in operating your payment gateway.
- Customized Application Guidance. PaymentCloud will go through the components of your application, your supporting documents, your website, and social media presence and point out areas to improve on to maximize your chances of account approval.
- PCI Compliance. PaymentCloud will guide you in the necessary steps to become PCI compliant at no fee.
PaymentCloud processes all major credit cards and payment methods including Discover, MasterCard, Star, ApplePay, Visa, and American Express.
Like many merchant account providers, PaymentCloud pricing information is not displayed on the website. The prices are highly variable and they usually depend on your business type, processing history, credit history, sales volume, risk level, chargeback rate, etc. However, PaymentCloud does not charge application fee, account setup fee, gateway setup fee, PCI compliance fee, statement fee, monthly minimum and annual fees. If you are in search of PaymentCloud’s pricing information, it is best to contact the company for details.
Three different parties participate in determining merchant’s transaction fees; Credit Card Company, Credit Card Network, and the Payment Processor. This explains why the fees are highly variable. The following credit card processing pricing models determine merchant fees.
- Interchange-Plus pricing. The interchange-plus fees are determined by two parties. The credit card network sets the” interchange” and the credit card processor charges the “plus” (the additional mark-up for processing your transaction).
Blended pricing. The blended pricing model accounts for all types of transactions including debit cards, credit cards, and reward cards.
Tiered pricing. There are three tiers; Qualified (transactions with lower fees), Mid-Qualified (fees are higher than qualified transactions), and Non-Qualified (expensive types of transactions).
Bundled pricing. This is a fixed rate + downgrade fees (fees on less risky transactions such as swiped transactions).
Although PaymentCloud does not provide pricing details on its website, the following is a summary of what you can expect.
- Interchange-Plus Rate: Interchange +0.05%-0.30% +$0.08 – $0.10 per transaction (for low-risk card-present transactions).
Swiped Rate: 3.00% – 6.50%
Keyed-in Rate: 3.00% – 6.50%
Payment Gateway Fee: Authorize.Net is the payment gateway and it charges $25.
Virtual Terminal Rate: 2.90% + $0.30 (fees with Authorize.Net)
Chargeback Fees: $25 per instance.
Batch Fee: Starting from $0.10 per batch
Early Termination Fee: PaymentCloud does not charge a ETF
PCI Non-Compliance Fee: This fee is undisclosed and you will need to contact PaymentCloud for details.
PaymentCloud Customer Support
PaymentCloud has quality customer support offering several options for reliable services. You can reach your dedicated representative via phone call which is toll-free or through email. PaymentCloud also has a FAQs page on the company’s website through which you can lodge enquiries.
Is PaymentCloud Safe or Right for You?
Yes. PaymentCloud has been operating in the high-risk sector for several years and there is no negative review accusing it of being a scam. There have been complaints about other credit card processing companies on the high and unreasonable fees they impose. If you are a medium to high-risk business, you are likely to have difficulties in finding a merchant services provider. Again, PaymentCloud is the ideal option. It rates as a reliable merchant services provider with fewer public negative feedback from clients.
At the time of writing this review, there were 96 PaymentCloud reviews on Trustpilot. It has received a rating of 4.2/5 from the reviews. While 74% of users were satisfied with the service, 15% of users complained of misleading onboarding process, high fees, rude customer support staff, closed accounts, funds not released on time, etc.
PaymentCloud is an excellent merchant account provider offering various activities. However, it is advisable to conduct thorough research for available alternatives before making a choice. Your choice depends on your business needs. PaymentCloud alternatives include:
Durango Merchant Services
Durango Merchant Services is a financial services provider that works with high-risk businesses and merchant accounts. It specializes in multiple currencies and supports businesses that work with customers in other countries. Durango Merchant Services offers excellent customer support but like PaymentCloud does not display their pricing on their website.
Payline Data is also a high-risk merchant services provider that works with a smaller number of high-risk merchants. Payline Data is a little more transparent with their pricing, which sets them apart from other providers.
Host Merchant Services
Host Merchant Services works with high-risk businesses (not all) including debt collectors, pawn shops, casinos, etc. Host Merchant Services provide a gift card and loyalty program feature. Unlike PaymentCloud, Host Merchant Services provides some of its pricing online.
Liftoff is a fully-featured platform designed for marketing firms, development teams, channel partners, distributors and resellers. Its fully-featured platform enables clients to manage multiple accounts and sites from a single dashboard.
Final Thoughts on PaymentCloud Inc
PaymentCloud is one of the best Credit Card Processing (CCP) service providers offering dependable services at reasonable prices. The company has a 24/7 toll-free phone line that merchants use to reach out to their dedicated account representatives for any enquiry ensuring that customers get the maximum help they need. Although PaymentCloud customers are happy with their services, they would like to see more transparency about its contract terms, pricing structures, fees, and charges.